Registered Retirement Savings Plan (RRSP)

SunRise Credit Union offers a government approved tax deferred retirement savings plan with both variable and fixed rate terms.

Investment Options

• Variable (floating interest rate)
• 6 month to 5 years Fixed—Minimum deposit of $500

Features

• Contributions are tax deductible and tax receipts are provided annually
• Fixed RRSPs are non-redeemable until maturity
• A member with “earned income” may contribute a percentage of income to an RRSP, up to age 71.
• Deposits can be made at any time during the year.
• Payroll contributions are available.
• Interest earned is tax sheltered under the plan.
• Funds must be withdrawn or transferred to an RRIF no later than the end of the calendar year when the member turns 71.
• An RRSP may be set up on behalf of a spouse (called a spousal RRSP).
• Withholding tax is charged on all withdrawals and is based on the amount of the withdrawal.
• Contributions in the first 60-day after year-end may be used for the previous tax year credit or current year – receipts for this period of time are generated per deposit.
• Deposits are fully guaranteed by Credit Union Deposit Guarantee Corporation.

Interest

• Variable RRSP interest is accrued daily and paid monthly.
• Interest is compounded annually on the anniversary date for fixed rate RRSPs.
• Interest must be compounded, as it cannot leave the plan it is sheltered in.

Pricing

• No administration fees, however a transfer-out fee may apply.